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Transfer Of Held For Sale Real Estate To Continuing Operations And Related Items
12 Months Ended
Dec. 31, 2012
Transfer Of Held For Sale Real Estate To Continuing Operations And Related Items [Abstract]  
Transfer Of Held For Sale Real Estate To Continuing Operations And Related Items

Note 9 – Transfer of Held for Sale Real Estate to Continuing Operations and Related Items

2011 Transactions

Lake Taupo Motel

            During the fourth quarter of 2010, we listed for sale the residential units of our Lake Taupo property and the adjoining 1.0-acre parcel located in Lake Taupo, New Zealand.  A portion of this property was previously improved with a motel in which we recently renovated the property’s units to be condominiums and have enhanced the property value with residential apartment entitlements for the adjoining vacant land.   At December 31, 2011, we had not yet sold the property.  Pursuant to ASC 360-10-45, as twelve months had passed since this announcement and we did not meet the criteria to classify this property as held for sale, we reclassified $5,000 of income from discontinued operations to the components of income from continuing operations for the year ended December 31, 2010.  As a result of the transfer of the asset from held for sale to continuing operations, we recorded a loss for 2011 of $37,000 (NZ$48,000) to measure the property at the lower of its carrying amount, adjusted for depreciation and amortization expense that would have been recognized had the asset been continuously classified as a continuing operational asset, or its fair value at the date of the decision not to sell.  We continue to discuss with potential buyers and plan to monetize the property in time.

Burwood Development Property

            In May 2010, we announced our intent to sell and began actively marketing our 50.6-acre Burwood development site in suburban Melbourne.  At June 30, 2011, we had not yet achieved that aim.  Pursuant to ASC 360-10-45, as twelve months had passed since this announcement and we did not meet the criteria to classify this property as held for sale, we reclassified the current carrying value of this property of $53.4 million (AUS$52.1 million) from assets held for sale to investment and development property on our December 31, 2011 consolidated balance sheet.  We continue to evaluate our options concerning this property.

 

2012 and 2010 Transactions

            There were no transfers of held for sale real estate to continuing operations or related items in 2012 or 2010.